Hope for housing market following estate agent report

19/05/2009

A new poll from estate agents will give hope to struggling homeowners.

The National Association of Estate Agents (NAEA) said that its members sold an average of ten homes each in April.

This is up from March's average of eight properties - and the low point of five homes a month reached towards the end of last year.

Increasing buyer interest in homes could be a signal of a recovering property market.

The housing slump brought on by the credit crunch has led to a 15 per cent drop in house prices and a 50 per cent fall in mortgage loan approvals.

These trends have tightened the personal finances of homeowners - making it harder to refinance mortgages, move house or even make repayments.

NAEA chief executive Peter Bolton King said: "Six months ago people were talking about how British people's attitude to owning property had changed in the recession.

"The NAEA always said that this was nonsense, and that demand for property remained strong, but confidence in the market had gone. These figures show that this confidence is returning."

Tags; Current UK Economy, Young Family Finances,

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